COIN Stock Plunges 8% As Coinbase Insiders Sell Shares
Highlights
- The Coinbase stock has extended decline with more than 6% drop in the intraday session on Wednesday.
- The plunge coincides with Coinbase insiders selling company shares.
- Wall Street analysts have also reduced the target for COIN stock.
Shares of Coinbase Global (NASDAQ: COIN) slid sharply on Wednesday, June 3. The COIN stock lost almost 8% in the intraday trading session and after hours trading combined.
COIN Stock Records Massive Decline
The COIN stock closed at $163.22, down 6.19% on the day. It even dropped another 1.17% in the after hours session. This comes as investors reacted to fresh insider selling disclosures and a lowered Wall Street price target. Moreover, the overall bearish sentiment in the crypto and stock markets due to the US-Iran war contributed to this decline.
For context, the COIN stock opened at $171.54 and touched an intraday low of $162.75 on Wednesday, according to market data. Coinbase share price now lost over 40% over the past six months. Further, the COIN stock has slipped nearly 20% in a month.
Coinbase Insiders Sell Company Shares
New filings with the U.S. Securities and Exchange Commission showed multiple Coinbase insiders recently sold company stock through prearranged Rule 10b5-1 trading plans.
Chief Legal Officer Paul Grewal disclosed several transactions dated May 27, 2026. It involved sales of Coinbase Class A common stock at weighted average prices ranging from about $174.99 to $179.54 per share.
The filing showed Grewal sold COIN stock in multiple transactions. These include 589 COIN shares at $175.79, 454 shares at $177.72, and 388 shares at $178.91. Following the sales, Grewal indirectly retained approximately 84,753 shares.
Another Form 4 filing revealed Coinbase board member Frederick Ernest Wilson also sold shares on June 1 through the Fred and Joanne Wilson 2012 Delaware Trust. The transactions were executed at prices between roughly $177 and $186 per share.
The filing included sales of 2,309 shares at $182.22 and 1,491 shares at $181.17. After the transactions, the trust still held 30,000 Coinbase shares. It coincided with a surge in COIN shares amid the company’s TradFi push.
Wall Street Giant Slashed COIN Stock Target
The insider sales surfaced shortly after B. Riley reduced its price target on Coinbase stock to $203 from $243. Meanwhile, it maintained a Neutral rating on the COIN stock. The brokerage cited softer revenue expectations and revised earnings estimates following the company’s first-quarter fiscal 2026 results.
Analysts also pointed to overall pressure in crypto market. They noted that declining crypto trading activity and uneven investor appetite have continued to weigh on exchange-related stocks.
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